According to the International Monetary Fund (IMF),. The effect of artificial intelligence (AI) on jobs will be particularly great in advanced economies. Overall, about 40% of global employment is exposed to AI among economies of all kinds, the IMF said in a blog post published on Sunday, January.
However, in advanced economies, around 60% of jobs may be impacted by AI, according to the post. That’s because technology can impact highly skilled jobs.
While half of these jobs may benefit from AI integration, the other half may see key tasks currently performed by humans being executed by AI applications, potentially resulting in lower labor demand, reduced wages, and decreased hiring, the post said. In some cases, certain jobs may even disappear.
According to the post, emerging markets and low-income countries are expected to have AI exposure rates of 40% and 26%, respectively.
While these economies may experience fewer immediate disruptions from AI, they often need more infrastructure and skilled workforces to leverage its benefits, the post said. This raises concerns that, over time, AI could worsen inequality among nations.
According to the post, AI can also impact income and wealth inequality within countries. Workers who can effectively harness AI may experience increased productivity and wages, while those who cannot do so may need to catch up.
Research suggests that AI can help less experienced workers enhance productivity more quickly, potentially benefiting younger workers. However, older workers may need help adapting to the changing landscape.
According to the post, the IMF has developed an AI Preparedness Index to help countries craft policies to address these challenges. This index measures readiness in digital infrastructure, human capital and labor-market policies, innovation and economic integration, and regulation and ethics.
The post said that the organization recommended that advanced economies prioritize AI innovation and integration while creating strong regulatory frameworks to enable a safe and trustworthy AI environment.
For emerging markets and developing economies, the emphasis should be on laying a strong foundation through assets in digital infrastructure and a digitally capable workforce, per the post.
A current survey by ResumeBuilder found that among the leaders of businesses using AI, 37% said that the technology will replace workers in 2023, and 44% said they wish it would do so in 2024. Original Source
